John McAfee, Businessman and Cryptocurrency proponent, is launching a fiat currency backed by cryptocurrency. Called the McAfee Redemption Unit (MRU), He expects to release the currency on June 25, according to a tweet released May 29th.
McAfee originally tweeted about his own currency last May 28, including an image of his face on a bill.
He later reached out to confirm the tweet was not a hoax and that he was serious in launching his own currency.
McAfee revealed that the MRU will be connected to a blockchain by tokens and can be redeemed for up to 100 minutes, depending on the denomination of each note, of personal time with the businessman at a location anywhere in the world.
The businessman explained that for holders of the note to redeem it for a meeting, the holder of the note must be at an address in Mexico between 1:00 pm and 3:00 pm, where they will then receive a date, time, a location anywhere in the world to meet with McAfee.
McAfee explained why redemption seems expensive:
“My followers are are hugely loyal and I feel certain that many will go through time and huge expense for the opportunity to spend private time with me. See what this might do to the fundamental value of each redemption unit. If the value of a unit is based even remotely on the cost of redemption, which people are willing to pay, then the notes will immediately skyrocket. But the big key is in the way I have structured the auction sites. Cannot tell you more now.”
If a holder of the note wanst to convert the note rather than redeem it for a meeting, the owner can send it to the MRU Foundation, where its value will then be sent to the holder’s crypto wallet.
McAfee said that 341000 different denominations of the notes were printed, with about 6.05 million redemption units. Each note is currently worth about $9.95, and Mcafee said the printing plates for the currency have all been destroyed.